Cristiano Ronaldo Contemplates $750K Settlement to Evade Binance-Related Trial

Cristiano Ronaldo, the renowned football icon, may have to consider a substantial settlement to circumvent a trial in the United States. This development comes in the wake of his involvement with Binance, a cryptocurrency exchange recently embroiled in a significant legal settlement. Binance has agreed to pay a hefty $4.3 billion fine and part ways with CEO Changpeng Zhao as part of its agreement with U.S. regulators.

Ronaldo’s potential settlement, amounting to $750,000, relates to his multi-year partnership with Binance, during which he launched a line of non-fungible tokens (NFTs). Jemma Fleetwood, a cryptocurrency attorney, shared insights on November 30 regarding Ronaldo’s legal predicament.

She explained, “Ronaldo will likely be discussing with his legal advisers whether the claim has legal merit, what his defense will be, and whether he should make an offer to settle the case.”

Given the considerable sum involved, Fleetwood notes that a public trial could ensue if an early settlement proves challenging. Drawing parallels to similar situations faced by boxing star Floyd Mayweather and music producer DJ Khaled—who settled their cases for approximately $750,000 after failing to disclose payments for promoting initial coin offerings (ICOs)—Fleetwood suggested Ronaldo might opt for a similar route.

“Ronaldo may similarly attempt to settle the claims brought against him to avoid a public trial, the escalation of legal costs, and significant time spent on preparing court filings,” she elaborated.

This lawsuit, in which Ronaldo is implicated, stems from a $1 billion class action filed in the U.S. The suit alleges that Michael Sizemore, Mikey Vongdara, and Gordon Lewis suffered financial losses due to Ronaldo’s “promotion, assisting, and/or actively participating in the offer and sale of unregistered securities in coordination with” Binance.

Ronaldo’s partnership with Binance began in 2022, marked by the launch of his NFT collection, with prices starting at $77. The lawsuit contends that Ronaldo was, or should have been, aware of Binance’s sale of what are alleged to be unregistered crypto securities.